Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average I:DJI rose Friday for the first time in nine trading sessions.
- The blue-chip index's 8-day losing streak is the longest since March 2017.
- Oil prices rose sharply after OPEC reached a deal to boost oil output.
Wall Street Overview
Stocks ended mostly higher on Friday, with the Dow Jones Industrial Average I:DJI posting its first gain in nine days. Oil prices jumped after the Organization Of Petroleum Exporting Countries reached an agreement to boost oil production modestly.
Brent crude, the global benchmark, rose 2.49% to $74.87 a barrel, while West Texas Intermediate crude oil, the U.S. benchmark, spiked 4.58% to $68.78 a barrel.
OPEC leaders agreed to boost crude production at their semi-annual meeting in Vienna on Friday with changes in compliance with previous pacts, but made no mention of the total amount of oil that would find its way to the market.
Leaders from OPEC, led by Saudi Arabia, the world's largest producer, and its non-member ally, Russia, pushed through an agreement that ends the group's previous pact to trim supply by 1.2 million barrels each day in order to "re-balance" global crude markets. However, a combination of sanctions and a lack of investment has meant some members, particularly Iran and Venezuela, have been pumping well under their agreed compliance rates, taking the cut to 1.8 million barrels a day. The agreement Friday would bring compliance to that agreement back to 100%, meaning an extra 600,000 or 700,000 barrels will enter the market on a net basis.
The Federal Reserve said the 35 biggest U.S. banks passed an annual "stress test," where regulators check to make sure banks could withstand a deep recession and falling asset prices without collapsing.
The Fed said in a press release that the nation's largest bank holding companies -- such as JPMorgan Chase & Co. (JPM) - Get Report , Bank of America Corp. (BAC) - Get Report , Wells Fargo & Co. (WFC) - Get Report and Citigroup Inc. (C) - Get Report -- would remain able to lend to households and businesses during a severe global recession.
Walt Disney Co.
said in a regulatory filing it was willing to divest assets of Twenty-First Century Fox Inc.
that generated up to $1 billion in earnings before interest, tax, depreciation and amortization to get approval for the deal, Reuters reported.
Tesla Inc.'s (TSLA) - Get Report move last week to cut 9% of its workforce will sharply downsize the residential solar business it bought two years ago, Reuters reported, citing internal company documents and current and former Tesla solar employees.
The latest cuts to what was once SolarCity include closing about a dozen installation facilities, according to internal company documents, and ending a retail partnership with Home Depot Inc. (HD) - Get Report that the current and former employees said generated about half of its sales. Tesla fell 4%.
Watch more on the PayPal deal here.
Pinnacle Foods Inc.
, the owner of the Birds Eye brand, was up 1.5% on Friday following reports that Conagra Brands Inc.
approached the company about a merger.
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